IL. Process Costing Using the Weighted Average M Reece's Chocolate In the Melting Department, raw materials such as sugar, cocoa, and peanut butter are placed In the Cooling Departmen ate Company produces peanut butter flavored chocolate candy. The process takes place in three different departments- Melting, Cooling and Wrapping P in huge cooking vats and melted together. The result is a thick chocolate mixture with a peanut- butter flavor t, the thick chocolate mixture which is transferred from the Melting t is poured into metal molds that create small circles which form the shape of the well-kno own Reece's Pieces. The metal molds stand on wheels that enable the molds to be rolled into a refrigerated cooling room In the Wrapping Department, the finished chocolate is set into individual paper-cups, then organized into miniature boxes, and wrapped with the outer packaging. The company uses the weighted-average method in its process costing system. Data for March for the Cooling Department are as follows: Conversion 20% 25% Melting 00% 100% Units 2,500 4,000 Work in process inventory, March 1 Work in process inventory, March 31 Melting cost in work in process inventory, March 1 $2,400 $250 Conversion cost in work in process inventory, March Units transferred to the next production department $51,225 $15,650 Melting cost added during March Conversion cost added during March No raw materials are added in the Cooling Department. Melting cost represents the costs of the ingredients transferred in from the Melting Department. The thick chocolate mixture is processed in the Melting Department in batches; each unit in the table above is a batch and one batch of the think chocolate mixture produces a set amount of candy that is passed on to the Wrapping ent. Required: (5 pts. each) 1. Compute the Cooling Department's equivalent units of production for melting and conversion in March 2. Compute the Cooling Department's cost per equivalent unit for melting and conversion in 3. Compute the Cooling Department's cost of ending work in process inventory for melting, 4. Compute the Cooling Department's cost of units transferred out to the Wrapping Department 5. Prepare a cost reconciliation report for the Cooling Department in March. March conversion, and in total for March for melting, conversion, and in total in March